Snowflake price target lowered to $190 from $215 at Canaccord

Canaccord lowered the firm’s price target on Snowflake to $190 from $215 and keeps a Buy rating on the shares. The firm said Q2 results indicate improving top-line traction, supported by broad-based strength in consumption spanning both Snowflake’s largest spenders and customers outside of the G2K. Canaccord wonders if competitive concerns are appropriately reflected in the current valuation but still sees a buying opportunity in these trading ranges for a company well positioned to capitalize on an ongoing customer investment cycle in data management.